GRUPO TELEVISA, S.A.B. SEC Filings

GRUPO TELEVISA, S.A.B. director Michael T. Fries filed an initial Form 3 reporting his holdings of the company’s CPOs. He reports 605,275 CPOs held directly and an additional position through a director Stock Purchase Plan.

The Stock Purchase Plan position covers 277,500 underlying CPOs with an exercise price of $0.0900 per CPO. A trust that administers the plan will sell part of these CPOs at vesting to pay the plan price of Ps.1.60 per CPO, delivering the remaining CPOs to him.

Grupo Televisa reported 2025 Telecom revenues of Ps.58,878.2 million, down 5.4% from Ps.62,260.9 million in 2024, mainly from a 17.5% drop in Satellite revenue. Despite this, operating income swung to a Ps.4,224.9 million profit from a Ps.2,818.9 million loss as margins improved and other expense fell sharply.

Net loss attributable to stockholders increased to Ps.8,819.6 million from Ps.8,265.5 million, driven largely by Ps.7,926.4 million of income taxes, including major non-cash write-offs of deferred tax assets tied to capital losses and satellite operations. Net debt was Ps.49,115.2 million with total debt reduced to Ps.85,994.2 million from Ps.102,955.2 million.

Fourth-quarter 2025 Telecom revenues declined 4.5% year-on-year, but operating segment income rose 6.1% and the margin reached 40.9% helped by cost efficiencies. The Board approved suspending the dividend in 2026 while the company evaluates investment opportunities in the Mexican telecommunications sector, and it may consider a capital increase if needed.

BlackRock, Inc. has filed a Schedule 13G showing beneficial ownership of 134,408,681 shares of Grupo Televisa SAB common stock, representing 5.3% of the class as of 12/31/2025. BlackRock has sole voting and dispositive power over these shares, with no shared voting or dispositive authority.

The filing explains that the position is held by certain BlackRock business units in the ordinary course of business. BlackRock certifies that the shares were not acquired and are not held for the purpose of changing or influencing control of Grupo Televisa, and that no individual underlying investor holds more than five percent of the company’s outstanding common shares.

Grupo Televisa, S.A.B. insider Alfonso de Angoitia Noriega, the company’s Co-CEO and Executive Chairman of TelevisaUnivision, reports beneficial ownership of 18,212,604,435 shares, representing 5.35% of the class of Televisa’s A, B, D and L shares. The position includes 14,244,465,127 A Shares, 948,902,878 B Shares, 1,509,618,215 D Shares and 1,509,618,215 L Shares, based on share counts outstanding as of March 31, 2025.

On January 5, 2026, he agreed to acquire 13,166,166,402 A Shares from the Azcarraga Trust for Ps. 963,151,805 in cash under a transaction agreement with Emilio Azcarraga, the Azcarraga Trust and Bernardo Gomez. Under this agreement, Azcarraga, through the trust, will retain voting rights over these acquired A Shares and specified CPOs for board appointment and related matters while he remains in control of the trust, while de Angoitia keeps other voting rights. The parties also grant each other a right of first refusal on future transfers of these shares or related securities, and the share acquisition is subject to required Mexican regulatory approval.

Bernardo Gómez Martínez, Co-CEO of Grupo Televisa, reports beneficial ownership of 18,226,505,907 shares, representing 5.35% of the company’s share capital. This includes 14,247,435,527 Series A shares, 951,516,830 Series B shares, 1,513,776,775 dividend preferred shares, and 1,513,776,775 Series L shares, based on outstanding share counts as of March 31, 2025. On January 5, 2026, he agreed to pay Ps. 963,151,805 in cash to acquire 13,166,166,402 Series A shares from a trust for the benefit of Emilio Fernando Azcárraga Jean under a transaction agreement. The agreement grants Azcárraga, through his trust, specific voting rights over these acquired shares and certain CPOs for board appointments, and establishes mutual rights of first refusal on future share or CPO transfers, subject to Mexican regulatory approval and other closing conditions.

Grupo Televisa’s controlling shareholder Emilio Fernando Azcárraga Jean updated his beneficial ownership and governance arrangements. He reports beneficial ownership of 67,417,116,707 Shares, representing 19.8% of 340,621,798,257 outstanding Shares as of March 30, 2025, across Series A, B, Dividend Preferred (D) and Series L Shares.

On January 5, 2026, Azcárraga and the Azcárraga Trust signed a Transaction Agreement with Alfonso de Angoitia Noriega and Bernardo Gómez Martínez. Azcárraga agreed to sell 13,166,166,402 A Shares to each of them (26,332,332,804 A Shares in total) for an aggregate purchase price of Ps.1,926,303,610. Despite this sale, the agreement grants Azcárraga, through the Azcárraga Trust, Special Voting Rights over the Acquired Shares and specified CPOs regarding Televisa’s board appointments, removals and ratifications, while AAN and BGM retain other voting rights. The deal includes mutual rights of first refusal and is subject to required regulatory approval in Mexico.

Grupo Televisa reports that Fitch Ratings downgraded its Long-Term Foreign and Local Currency Issuer Default Ratings to ‘BB+’ from ‘BBB-’, moving the company out of investment grade into speculative grade. Fitch also lowered Televisa’s National Long-Term Rating and local currency senior unsecured debt ratings to ‘AA (mex)’ from ‘AA+(mex)’. The Rating Outlook on both sets of ratings is described as Stable, indicating Fitch does not currently anticipate further near-term changes based on its existing analysis.

Grupo Televisa, S.A.B.: Eduardo Tricio Haro filed a Schedule 13D reporting beneficial ownership of 24,053,316,300 Shares, representing 7.7% of the company. He reports sole voting and dispositive power over these securities.

The stake is held via 205,583,900 CPOs, which comprise 5,139,597,500 A Shares, 4,522,845,800 B Shares, 7,195,436,500 D Shares, and 7,195,436,500 L Shares. He used approximately MXP$1,929,059,500 to acquire 204,965,000 CPOs, and received an additional 618,900 CPOs for service on the board.

The filing states a strategic investment purpose, with flexibility to buy or sell securities, and potential monetization through derivatives or pledging. Shares outstanding were 312,120,700,000 as of September 30, 2025; this is a baseline figure, not the amount being reported as beneficially owned.

Dodge & Cox filed an amended Schedule 13G (Amendment No. 10) reporting its beneficial ownership in Grupo Televisa, S.A.B. (TV) as of 10/31/2025.

The firm reports beneficial ownership of 1,155,686 CPOs and 0 Global Depositary Shares, representing 0.0% of the class. Dodge & Cox has sole power to vote and dispose of these CPOs. The filing indicates “Ownership of 5 percent or less of a class,” reflecting a sub‑5% position.

Dodge & Cox certifies the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.